Now, however, with the execution of a Residential Buyer Representation Agreement, a buyer may contractually engage the services of a Realtor® to exclusive representation, thereby binding the agent to work strictly on the buyer’s behalf. For first time home buyers, the availability of such representation and professional advice is critical. It provides the buyer with as much information as possible regarding the real estate market, recent sales and current pricing.
ADVANTAGES TO THE BUYER
While the mission of the buyer’s agent is to obtain the best possible terms on behalf of the buyer, Heritage Texas Properties believes that both buyer and seller benefit from individual representation. Buyer’s agency enhances consumer confidence and allows the agent to offer honest and objective advice when discussing neighborhoods, resale value and suggested sales price, and the buyer feels more comfortable making a sales offer because fears of overpaying for the property have been discussed. Since the fiduciary responsibility remains between buyer and agent, compromising information regarding the buyer’s financial data and negotiation strategy will not be shared with the seller.
BENEFITS TO THE SELLER
Among the benefits that buyer’s agency provides to the seller is increased marketability of seller’s home. Now both the buyer’s agents and sub-agents of the seller are showing properties. Additionally, sellers can expect a more educated buyer who is better qualified to purchase a home, because they can discuss market data and pricing with their agent. Buyer’s agency provides the needed balance and advocacy between buyer and seller, and both parties can have more confidence in the transaction knowing the negotiations have gone forward with mutual trust.